VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 9, 2026

Stock Comparison

Dassault Aviation vs Spotify Technology S.A.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Dassault Aviation

AM · Euronext Paris

Market cap (USD)$22.9B
Gross margin (TTM)40.4%
Operating margin (TTM)7.9%
Net margin (TTM)13.6%
SectorIndustrials
IndustryAerospace & Defense
CountryFR
Data as of2025-12-28
Moat score
79/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Dassault Aviation's moat claims, evidence, and risks.

View AM analysis

Spotify Technology S.A.

SPOT · New York Stock Exchange

Market cap (USD)$121.5B
Gross margin (TTM)31.8%
Operating margin (TTM)11.7%
Net margin (TTM)8.3%
SectorCommunication Services
IndustryInternet Content & Information
CountryLU
Data as of2026-01-06
Moat score
65/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Spotify Technology S.A.'s moat claims, evidence, and risks.

View SPOT analysis

Comparison highlights

  • Moat score gap: Dassault Aviation leads (79 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Dassault Aviation has 2 segments (63.5% in Defence (Military Aircraft & Support)); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Dassault Aviation has 6 moat types across 4 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Dassault Aviation

Defence (Military Aircraft & Support)

Market

Multi-role fighter aircraft and military aircraft lifecycle support (Rafale and legacy platforms)

Geography

France + Export

Customer

National governments / defense ministries

Role

Prime contractor (OEM) + lifecycle support

Revenue share

63.5%

Spotify Technology S.A.

Premium (subscription)

Market

Paid music and audio streaming subscriptions

Geography

Global

Customer

Consumers (end-users) and distribution partners (e.g., telcos)

Role

Streaming platform operator

Revenue share

88.2%

Side-by-side metrics

Dassault Aviation
Spotify Technology S.A.
Ticker / Exchange
AM - Euronext Paris
SPOT - New York Stock Exchange
Market cap (USD)
$22.9B
$121.5B
Gross margin (TTM)
40.4%
31.8%
Operating margin (TTM)
7.9%
11.7%
Net margin (TTM)
13.6%
8.3%
Sector
Industrials
Communication Services
Industry
Aerospace & Defense
Internet Content & Information
HQ country
FR
LU
Primary segment
Defence (Military Aircraft & Support)
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
n/a
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
79 / 100
65 / 100
Moat domains
Legal, Demand, Supply, Financial
Network, Demand, Legal, Supply
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Dassault Aviation strengths

Government Contracting RelationshipsLong Term ContractsService Field NetworkFloat PrepaymentRegulated Standards PipeReputation Reviews

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkBrand TrustContent Rights CurrencyScale Economies Unit Cost

Segment mix

Dassault Aviation segments

Full profile >

Defence (Military Aircraft & Support)

Oligopoly

63.5%

Falcon (Business Jets & Support)

Oligopoly

36.5%

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

Want the full wide moat stocks list?

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Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.